Rusoro gets green light to seize State oil company’s assets

nadian junior Rusoro Mining has achieved a significant appellate victory in the long-standing dispute to enforce an arbitration award it obtained against Venezuela, arising out the expropriation of its gold assets more than a decade ago.

The US Court of Appeals for the Third Circuit, based in Philadelphia, affirmed that Venezuela’s State-owned oil company is the country’s alter ego and that its property may be seized in satisfaction of the judgment debt.